KYC is critical to identifying your customers and risk to the financial system
KYC is a fundamental fraud preventive function in banking so the more KYC analysts can implore everyone working within financial institutions to heed their call to fight financial crimes, less fraud will happen and devastate so many victims who are unaware how vulnerable they can be from being targeted and removed from their money. KYC […]
Thresholds can be a key determinant to detecting fraud
Thresholds should be one important detector of further scrutiny before processing a customer’s transaction request. Mr. Clark in this post picked up the application of thresholds in the Consent Order brought down on Bank of America by the US Office of the Comptroller of the Currency (OCC). As he states, you need to set the […]